Deadline for college interest rate increase approaching

ALBANY, N.Y. — The clock
is ticking for millions of college students since interest rates on college
loans are expected to double to 6.8 percent in July.

New York Senator Chuck
Schumer vowed to not let that happen, and he says a deal will get done before
the July 1st deadline.

But neither Democrats nor
Republicans are acting like a deal will be made in time.

“The simple truth is
the president has run into a roadblock and that roadblock is his own party over
in the senate. He can't get the senate to pass his bill so the white house has
resorted to picking this fight to try and mask the division within their own
party,” said Republican House Speaker John Boehner.

Schumer says it will be unconscionable if
those interest rates double next month.